Mr. Evan Walker:

The visibility on hedging strategy beforehand was obviously very limited. The Department would not have visibility on what individual firms are doing with their portfolios. Since then and with the engagement, it seems the rule of thumb is that most of the hedging portfolio is done on a 12- to 18-month basis. Looking at the wholesale prices on a 12-month moving average or an 18-month moving average, that is where that 417% figure comes from. Between January 2021 and the peak in August 2022, on a 12-month moving average basis, it increased by about 417%. Every month, they will have a new round of hedging, which is fed into our Estimates.